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Tony Norfield Profile picture
Tony Norfield
@StubbornFacts
Imperialism/economics/finance/politics/history. Author ‘The City: London & Global Power of Finance’. Occasional blog: https://t.co/IF3AATM2K5
Jan 8 • 8 tweets • 2 min read
A 🧵 on #BRICS & the global foreign exchange (FX) market. Image Image
Mar 30, 2023 • 7 tweets • 2 min read
The ‘petrodollar’🧵. Oil pricing, from UK£ to US$ to ? Current moves in historical context:
1. Pre-WW2, oil from the Gulf area was mainly priced in £, reflecting UK power in the region (Iran, Iraq, etc)
2. From the 1940s, with more US oil co. involvement & UK much weaker ... 1/7 2/7
 ... the $ took over oil pricing
(Saudi production was minuscule in 1938, then ⬆️ to 5.6% of world output in 1950, just behind Iran)
3. In the 1970s, 🇺🇸 stopped a Gulf effort to switch from $ to a basket of FX for oil pricing (mainly via security deal, extra IMF votes for ...
Mar 28, 2023 • 7 tweets • 4 min read
#Bandera & the 🇬🇧Brits. 🧵Stephen Dorril’s big book book on MI6 (publ. 2000) has lots of info on UK ‘intelligence’ using #Ukraine’s fascists in the 1940s. [thread] Guest appearances also from the US CIA, Canada & the Vatican! Fascism fine if anti-communist! Selected text ... 1/7 ImageImage 2/7 ImageImage
Mar 27, 2023 • 7 tweets • 4 min read
#Bandera & the Brits. 🧵Stephen Dorril’s voluminous book on MI6 (publ. 2000) has lots of info on UK ‘intelligence’ using #Ukraine’s fascists in the 1940s. Guest appearances also from the US CIA, Canada & the Vatican! Fascism fine if anti-communist!
(Sorry, scans not great) ImageImage ImageImage
Dec 11, 2022 • 6 tweets • 2 min read
The global FX market reflects US domination. Only a tiny % of FX dealing is directly linked to commercial, international trade. Inherently unstable capitalist markets make all companies hedge, panic, etc! Latest shifts to use non-$ FX will change all this only slowly! 🧵 1/6 2/6
Key points on the global FX market, US$, China, etc.
- BIS produces the biggest FX survey every 3 yrs, latest for 2022
- US$ is involved in 88% of all global FX deals
- Euro just 31%; China’s FX was only 7% (but up from 4% in 2019)
Note: Total = 200%, as 2 FX in each
May 2, 2022 • 4 tweets • 2 min read
As the core of global capitalism, the US attracts big foreign investment: from central banks for FX reserves, redirected US funds (eg via tax havens) & foreign asset managers. It all helps fund US militarism. It may also be stolen! So how long will it go, or stay, there? 🧵 1/4 2/4 A crazy thing: some key funding still comes from China, which is on the receiving end of US sanctions! 🇷🇺 had sense to mostly exit US 🇺🇸 assets, but got caught elsewhere (Europe, etc). 🇨🇳 remains very exposed, despite plenty of hostile US actions!